The Chile Financial Market Commission (CMF) has opened a public consultation on proposed amendments to the Updated Compilation of Banking Regulations (RAN) that would consolidate corporate governance requirements for banks, strengthen integral risk management, and incorporate recovery planning into governance and supervisory assessment. The proposal, developed in response to 2021 International Monetary Fund and World Bank Financial Sector Assessment Program recommendations, would amend RAN Chapter 1-13 to update governance guidelines, incorporate international principles, and reinforce their evaluation within the Solvency and Management Assessment. Recovery plans would be integrated into governance and risk management to ensure banks can activate credible and viable recovery options under severe financial stress. Corporate governance provisions would also be consolidated through amendments to Chapter 1-4, and a new Chapter 21-15 would set minimum information requirements for bank recovery plans. Comments are open until April 29, 2026, and the CMF expects the framework to be applied in the 2028 Management Assessment process, allowing for gradual and proportional implementation.
Chile Financial Market Commission 2026-01-21
Chile Financial Market Commission launches consultation on stronger bank governance risk management and recovery planning rules
The Chile Financial Market Commission has launched a public consultation on proposed amendments to the Updated Compilation of Banking Regulations, aiming to consolidate corporate governance requirements and strengthen risk management for banks. Influenced by IMF and World Bank recommendations, the amendments include integrating recovery planning into governance and supervisory assessments. The framework is expected to be applied in the 2028 Management Assessment process.